It was below 1k last year beginning. But from the mid year prices started to explode! What's the reason behind these price rise?
The reason behind these price rise is:
1 - Bitcoin is set to revolutionize the way transactions , enabling direct payments between two parties without the need for a third party operator, across borders too.
2 - It doesnt work like dollars or other national currencies where the government can print as much as they want to.
3 - Over time, the prime cost of mining increases due to limited supply and higher difficulty levels
4 - Bitcoin is compared with Gold. Both of them tend to deflate
5 - The demand for bitcoin is increasing. while bitcoin supply is limited. Therefore, in the long term, bitcoin prices are very high
Increasing demand can be seen :
+ The increase in the number of new wallets and Bitcoin addresses being created is consistently growing
+ Some countries , Banks and Amazon will soon accept Bitcoin